Delaware Code
Subchapter II. Provisions Relating to the Offer, Sale, and Purchase of Securities
§ 73-202. Registration of and notice filing for securities.

It is unlawful for any person to offer or sell any security in this State unless:

(1) It is registered under this chapter;
(2) The security or transaction is exempted under § 73-207 of this title; or
(3) It is a federal covered security for which a notice filing has been made pursuant to the provisions of § 73-208 of this title.